Emap, owner of trade magazines including Drapers and trade shows such as the Cannes advertising festival, is considering the sale of some titles and events as part of a review of its asset portfolio.

The review has been kicked-off by the arrival of new chief executive Duncan Painter, who joined from BSkyB in September, although it is understood that a full-scale break-up of the company is not on the cards.

Emap, which is split into trade magazine, data and exhibitions divisions, is understood to have met with a number of advisers, including Hawkpoint and Moelis, to discuss a range of potential options in terms of portfolio realignment.

"A major break-up is probably three or four years away," said one source with knowledge of the plans. "This is a tactical thing."

Emap owns more than a dozen magazines, including Retail Week, Broadcast and Local Government Chronicle, and data businesses such as retail trend-analysis firm WGSN.

Guardian Media Group, which also publishes MediaGuardian.co.uk, and Apax bought Emap in December 2007 for about £1bn, with both companies subsequently forced to write down the value of the investment. Apax owns just over 70% of Emap with GMG owning the rest.

Apax also acquired a 49.9% stake in Trader Media Group from GMG in 2007.

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